Building Approvals Hit 12 Year Low Under Labor

Scott Farlow

Shadow Minister for Planning and Public Spaces

Shadow Minister for Housing

Shadow Minister for Cities

Labor's failed approach to housing including new taxes on building homes, has resulted in building approvals hitting a 12 year low in NSW.

Shadow Minister for Planning and Public Spaces, Scott Farlow, said that data released by the ABS confirms that in their first full financial year, Chris Minns and Labor have delivered the lowest number of building approvals in a financial year since 2011-12.

"The reality is that almost 10,000 fewer homes were approved in the past financial year compared to the year before. This is a 19% reduction. The blame lies solely at the feet of Labor and their failed approach to addressing the housing crisis," Mr Farlow said.

"The building pipeline has run dry because of Labor's increased taxes and higher charges. Building approval data will continue to get worse as long as Labor ignores calls to reduce the cost of building a home. Labor are scaring off investors by ending land tax indexation, refusing to build new infrastructure and being unwilling to stand up to Anthony Albanese on migration."

"The Premier and his Minister's refusal to work with their Labor mates in Canberra to address migration is driving up house prices and seeing rents skyrocket. This is compounded by Labor's tax on new homes, adding $12,000 to every home is having a detrimental impact on new applications in the system."

"The approvals of today are the homes that will be built tomorrow. Today's figures are the last before the implementation of the National Housing Accord Target of 377,000 homes in NSW over the next five years.

"If this figure of approvals were to be translated repeatedly into housing completions over the next five years, NSW will fall 43% short of the National Housing Accord target."

"Communities are calling for meaningful investments in infrastructure to support the delivery of new homes rather than Labor's approach of trying to cram tens of thousands of additional families into existing schools, hospitals and roads. This situation is made worse by Labor's cuts to education, health and transport infrastructure in the last Budget."

"With a new Minister for Home Affairs and Immigration in Canberra, the NSW Government has another opportunity to follow calls from the NSW Liberals and Nationals of almost a year by standing up to Anthony Albanese and demanding a better targeted and more sustainable population strategy to improve housing affordability, as it is the only short-term lever that the Government can pull," Mr Farlow concluded.

Financial Year Total Dwelling Approvals since FY 2011-12

Source: ABS, Building Approvals Australia, June 2024